Tuesday Charts to Watch

Good morning. Dollar resumed rally after Friday’s NFP and the euro declined from 1.31 area to 1.2955.

EURUSD

It was a good plan to hold short ahead of Friday’s NFP, and I believe that current pullback is corrective, as EUR is showing signs of exhaustion after recovering from 1.2950 area to 1.3050 – currently trading around 1.3015

Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell into rally around 1.3050, stop above 1.3100, target at 1.2950

EURUSD hourly 3-12-2013

EURUSD hourly 3-12-2013

EURJPY

Former resistance formed by the downward trendline connection recent lower highs provided support on pullback, as expected in my previous post. Next support is formed around 125.00 – buying at this level is a plan to consider

Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: to buy dips around 125, stop below 124.50, target at 126+

 

EURJPY 4hrs 3-12-2013

EURJPY 4hrs 3-12-2013

AUDNZD

1.2400 has been breached, providing a good breakout opportunity. Upside is currently under pressure and more gains are likely to be seen – aiming toward 1.26

Market sentiment: intraday – bullish, short-term – slightly bullish
Potential trade strategy: to hold long with stop below 1.2400, target at 1.2550-1.2600

AUDNZD daily 3-12-2013

AUDNZD daily 3-12-2013

EURGBP

EURGBP is another pair worth keeping an eye on. Trendline support is in focus again as EUR is pulling back from recent top at .8750, which means that a breakdown below highlighted support would likely accelerate the decline toward .8600

Market sentiment: intraday – mixed, short-term – bullish
Potential trade strategy: to sell on breakdown below .8720, stop above .8750, target at .8620

EURGBP hourly 3-12-2013

EURGBP hourly 3-12-2013

have a good day

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